Women across Australia are taking over the reins when it comes to the property market, new research shows.
Westpac’s annual Home Ownership Report* reveals that women are now significantly more likely than men to be considering a range of housing actions in the next five years (71 per cent vs men 61 per cent).
The latest report shows women are taking the lead across the board, from buying a home to live in (28 per cent vs men 20 per cent), buying an investment property (16 per cent vs men 13 per cent), renovating (29 per cent vs men 27 per cent), to selling the home (17 per cent vs men 14 per cent).
This is supported by the latest ABS housing statistics, which show 60 per cent of women live in homes they own outright or are paying the mortgage on, compared to 56 per cent of men, while more women (23 per cent) than men (20 per cent) own their homes outright.
Female attitudes towards home ownership have also seen a major shift in the past year, with significant increases in female first home buyers who strongly believe that ‘owning your own home is a reflection of your success in life’ and that ‘property is a pathway to wealth’, increasing by 26 per cent and 10 per cent respectively since 20163.
Head of Women’s Markets for Westpac Group, Felicity Duffy, says many women are increasingly looking to build their wealth through purchasing an investment property or buying a home.
“Women have a lot to take into consideration when it comes to looking after their finances throughout their lifetime. Whether it’s taking time out of the workforce to have children or care for elderly relatives, concerns about gender pay gap issues or just living longer lives, all these things can impact a woman’s short term and long term financial security”, Duffy says.
“It seems women are becoming savvier in the property market, and understand that home ownership can lead to greater financial security.
“Our research also suggests that women are outpacing men when it comes to property investment.”
Finding a home that is move-in ready has become less essential to female first home buyers, decreasing by 19 per cent5 since 2016, while male first home buyers are more likely to consider this an essential. The Westpac report interprets this as suggesting women may be more willing to undertake a renovation project than men.
This report also shows female first home buyers were twice as likely as men to consider good investment potential in a home as essential (35 per cent vs men 18 per cent) and were also twice as likely to consider buying an investment property in the next five years (22 per cent vs men 11 per cent).
* The research surveyed over 1,000 Australian home owners and first home buyers about their home ownership aspirations over the next five years.